Not sure if anyone noticed lately but INGDirect and emigrantdirect rates nolonger look so atractive compared to lots of other online banks.

Bank APY Minimum Balance Required

Key Direct 3.80% $25,000
Resource Bank 3.76% $10,000
Hillcrest Bank 3.76% $50,000
MyBankingDirect 3.75% $5,000
Umbrella BanK 3.65% $1,000
Zions Bank 3.56% $1,000


Wondering when INGDirect/Citibank/HSBC/emigrantdirect will raise rates to compete with the above banks or how many people are going to switch accounts to get the extra intrest on there money. It seems Keys Direct is now constantly raising there rates to remain highest Money Market rate on bankrate.com. Also makes me sorry for opening an HSBC account last month when both Key and HSBC where both paying the same rate.

I agree with your point regarding rates moving up and some of the former
leaders starting to lag. I recently opened a Resource Bank account.
My INGDirect account might be heading toward $1 balance even faster, as a result.

Even COSTCO/Capital One is paying 3.69% APY versus Capital One paying 3.45%

There seems to be so many ridiculous charges associated with opening this account, such as $10 for every undeliverable bank statement (returned to KeyDirect). Even if the postmen were too lazy to deliver it properly, customers would pay for their faults.

Anyone open account with KeyDirect yet?
Do they give free initial checks?
Or check printing is mandatory with USD30 for a bunch of checks.

Wait. HSBC is paying 3.75 with a minimum of $1, right? Doesn't that beat these 3?

MyBankingDirect 3.75% $5,000
Umbrella BanK 3.65% $1,000
Zions Bank 3.56% $1,000

arvindmo said:To make things worse Key Direct seems to be charging a $15 maintenance fee per month. This really eats into their high interest rate appeal. Wonder if there is anyway to get around this!!!

Most of the accounts if not all have minimum balance to avoid monthly maint. fee. Don't really know any account that actually charge a maint. fee without a min. balance qualification. Some accounts have low min. requirement, this account just happens to have 25K balance requirement.